Wednesday, March 20, 2013

APRIL 5, 1764 – BRITISH PARLIAMENT PASSES CURRENCY ACT PROHIBITING COLONIES FROM PRINTING THEIR OWN MONEY

1764 – BRITISH PARLIAMENT PASSES CURRENCY ACT PROHIBITING COLONIES FROM
PRINTING THEIR OWN MONEY
As early as 1723, the colony of Pennsylvania
showed that it was possible for money to be issued by the government in the
place of taxes without causing inflation. Money was printed and circulated
there and elsewhere. No taxes needed to be collected in PA from 1723 to the
1750’s as a result. The Bank of England pressured the British Parliament to
pass the Currency Act. Benjamin Franklin believed that passage of the Act
caused poverty and triggered the Revolutionary War.